We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Economy of United Kingdom - Case Study Example

Comments (0) Cite this document
The UK, a leading trading power and financial centre, is one of the quintets of trillion dollar economies of Western Europe. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs…
Download paper
Economy of United Kingdom
Read TextPreview

Extract of sample
Economy of United Kingdom

Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. GDP growth slipped in 2001-03 as the global downturn, the high value of the pound, and the bursting of the "new economy" bubble hurt manufacturing and exports. Output recovered in 2004, to 3.2% growth, then slowed to 1.7% in 2005 and 2.7% in 2006. " (Exxun.com, 2007)
The Economy of the United Kingdom can be classified as the "capitalist" economy. The most prominent characteristic of the capitalist economy is the control of few people on a large amount of Capital. These people are also responsible for taking important economic decisions.
With the changing international circumstances the Governments of the world including United Kingdom felt the need of restricting the use of power of a specific group of people for their own commercial interests. This intervention resulted in shape of the British economy which can described as a "mixed" economy, with government playing an important role along with private enterprise.
Although British people often disagree about exactly where to draw the line between their beliefs regarding, both free enterprise and government management, the mixed economy they have developed has been remarkably successful.
The natural resources are considered as the most important ingredient of a nation's economic system. The United Kingdom is blessed with enormous reserves of minerals. The fertile soil and the moderate climatic conditions effectively eke the farming process.The labour plays vital role in the growth of an economy. Higher level of working population is considered as an important indicator of a progressive economy.
The labour market of the U.K has always remained competitive due to an abundant supply of productive labour. A unique characteristic of the labour force is diversity. The 20th century British labour force constituted Asians and Latin Americans as the major part. This supply of the immigrants in the British job market also resulted in some periods of high unemployment. Many of these immigrants provide their services on relatively lower wages as compare to the native citizens. With the abundant supply of labour and the factors of production the economic growth multiplied increasing the chances for immigrants to find more job opportunities (Conte & Karr, 2001).
British economy was facing boom before being hit by the events of 9/11. The economy had fastest growth rate and the lowest unemployment rate which was kept low for thirty years to a level of 3.8% in 2001 but after 9/11 the unemployment rate rose to 6.4% in 2003 more than a million jobs were loss lost during that period. The Government has applied different policies in order to address the issues facing the economy. Govt. has been trying to stable the economy by using cutting of taxes and lowering the interest rates, but these options are for short-term period. There are also some long-term issues to be reviewed.
The U.K. economy has benefited from privatisation of industry, free market policies and
the development of its oil and gas sector, the largest in the EU. (The Galt Global Review, 2007)

Speeding the recovery:
For the policy makers the main issue was to accelerate the ... Read More
Cite this document
  • APA
  • MLA
(“Economy of United Kingdom Case Study Example | Topics and Well Written Essays - 1500 words”, n.d.)
Retrieved from https://studentshare.net/politics/310698-economy-of-united-kingdom
(Economy of United Kingdom Case Study Example | Topics and Well Written Essays - 1500 Words)
“Economy of United Kingdom Case Study Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/politics/310698-economy-of-united-kingdom.
  • Cited: 0 times
Comments (0)
Click to create a comment
United States v. Wade
United States v. Wade Two weeks after his arrest, Wade was placed in a line up with other similar looking men where the two employees who were present during the robbery positively identified Wade as one of the perpetrators. The witness identification procedure was undertaken by the FBI without considering the need of the accused to have legal counsel present.
4 Pages(1000 words)Case Study
United States v. Salerno
United States v. Salerno Therefore, there was no violation of the 5th amendment nor the Excessive Bail Clause of the 8th Amendment. This case was based upon the arrest and subsequent indictment of La Cosa Nostra boss Anthony Salerno on violations of the Racketeer Influenced and Corrupt Organizations Act (RICO Act).
2 Pages(500 words)Case Study
Country's economy
Essay Questions Answer 1 The long-run rate of economic growth measures the ability of a nation to progress its living standard. It is believed that even a small change in the long-run growth rate over a period of time will lead to a big advance in the income of an average person.
8 Pages(2000 words)Case Study
Tourism in the Kingdom of Jordan
Just before his death, he appointed his son, Abdullah, to succeed him. King Abdullah II bin Hussein has both executive and legislative authority over the land. Jordan has a bicameral national Assembly. Jordan has unenviable distinction of being in the midst of a war like situation all around the country, without any active role in the war itself.
6 Pages(1500 words)Case Study
Chinese Economy Master Case Study
While the community centred world continued to work on the planned economies, the west went the free economy way. Whereas, the planned economies suffered a major set back when the Russian economy fell taking with it many of the planned economies as well, the free market economy kept on improving on its performance.
10 Pages(2500 words)Case Study
Chinese Economy Case Study
Both EPZs and SEZs promote investments in export oriented activities but SEZs have become a prime catalyst for regional development in China. This is because of their diverse products and services. Asian EPZ's restrict their foreign investments to manufacturing.
3 Pages(750 words)Case Study
Global Economy
The product will have a positive income elasticity of demand. This is because gold is a luxury, and people tend to use their increased income to buy more luxury goods like gold than normal goods (Mozes and Cooks, 2013: 119). Oil is a highly elastic commodity, and
1 Pages(250 words)Case Study
Global Economy
There exist third party enforcements where rules are set by governmental apparatus. He outlined that an economic development is dependent on its maximum share of resources which belongs to public sector. Dani Rodrik clearly states that
10 Pages(2500 words)Case Study
Case Discussion The Espresso Lane to Global Markets
Consumption has to do with demand and sale of espresso in the market, which has a direct correlation with economic growth of a country which in turn influences the purchasing power of consumers. There
3 Pages(750 words)Case Study
Environmental economy case study
This water is being used in many of the activities, which includes irrigation, household, animal watering and gardening etc. in the
2 Pages(500 words)Case Study
Let us find you another Case Study on topic Economy of United Kingdom for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us